Latest news with #AntonioDiGiacomo
Wall Street Journal
6 days ago
- Business
- Wall Street Journal
Oil Falls on Report That Saudi Arabia Favors More Production Increases
0008 GMT — Oil edges lower in the early Asian session. There is a report 'indicating that Saudi Arabia is exerting considerable pressure for a more aggressive increase in oil supply by OPEC+,' Antonio Di Giacomo says. The 'kingdom is actively seeking to regain market share, a goal that is driving its desire to accelerate production increases in the coming months,' says the financial markets analyst for LATAM. The country's strategy focuses on getting OPEC+ to boost production by at least 411,000 barrels per day in August and September, the analyst adds. Front-month WTI crude oil futures are down 0.3% at $62.65/bbl; front-month Brent crude oil futures are 0.1% lower at $64.79/bbl. (
Wall Street Journal
22-05-2025
- Business
- Wall Street Journal
Oil Futures Extend Losses on Supply-Demand Concerns
0921 ET – Oil futures are lower for a third straight session as the recent geopolitical boost recedes and focus is back on supply and demand. Ritterbusch sees 'nothing significantly bearish' about yesterday's EIA report of U.S. crude and product inventory builds, 'especially when the non-representative West Coast region was excluded.' What is bearish for oil is the monthly production increase of more than 400,000 barrels a day from OPEC+, which 'will become even more negative once the boost in OPEC supply becomes more transparent,' the firm adds. WTI and Brent are both down 1.3% at $60.75 and $64.05 a barrel, respectively. ( 0754 GMT – Oil prices extend losses after a surprise build in U.S. crude stockpiles fueled demand concerns. In early trade, Brent crude and WTI are both down 1.6% to $63.89 and $60.59 a barrel, respectively. 'The inventory build suggests weaker demand or stronger-than-expected production, contrasting with many analysts' forecasts that anticipated a stock drawdown due to rising springtime consumption,' Antonio Di Giacomo, analyst at says. Meanwhile, OPEC+ members are discussing the possibility of making another large output hike in July, although no final agreement has been reached yet, according to a Bloomberg report. A substantial production increase could exacerbate concerns of an oversupplied market, particularly as uncertainties surrounding trade talks and the broader economic outlook continue to cloud sentiment. (
Wall Street Journal
01-05-2025
- Business
- Wall Street Journal
Oil Falls as U.S. Economic Data Fuels Demand Concerns
0753 GMT – Oil prices fall in early trading, with Brent crude down to $60 a barrel as concerns over weakening demand intensified after the latest data showed the U.S. economy contracted in 1Q for the first time since 2022. The international oil benchmark slips 0.9% to $60.53 a barrel, while the U.S. oil gauge WTI trades 1% lower to $57.61 a barrel. Both contracts are down 19% on month. The outlook is also clouded by prospects of OPEC+ accelerating its unwinding of output cuts for the second straight month in June, with Reuters reporting that Saudi Arabia has signaled it can handle a prolonged period of low prices. 'April has been a turbulent month for the crude oil market, shaken by negative demand signals, strategic decisions by producers, and evolving geopolitical tensions,' says Antonio Di Giacomo, financial markets analyst at (
Hi Dubai
27-02-2025
- Business
- Hi Dubai
UAE: Will Petrol Prices Drop in March 2025 Following Global Oil Price Decline?
Petrol prices in the UAE are expected to decrease in March 2025, following a decline in global oil prices observed in February. Brent crude, a major global benchmark, averaged $75 per barrel in February, down from $77.55 the previous month. This price drop is attributed to several factors, including a decision by the Organisation of the Petroleum Exporting Countries (Opec+) to gradually increase oil production starting April 1, 2025. In the UAE, fuel prices have already been set for March 2025, with Super 98 priced at Dh2.74 per litre, Special 95 at Dh2.63, and E-Plus at Dh2.55. The fluctuation of US crude oil inventories has added further pressure to the energy market, with increased reserves reinforcing concerns of a short-term oversupply. This development has prompted traders to scale back their positions in the futures market, contributing to a decline in West Texas Intermediate (WTI) crude prices. Market analysts suggest that the ongoing volatility is largely influenced by the strength of the US dollar, which makes oil more expensive for international buyers, thereby affecting demand. Additionally, macroeconomic factors such as US Federal Reserve policies and interest rate expectations are playing a role in the decline of oil prices. Antonio Di Giacomo, senior market analyst at noted that the drop in crude prices reflects investor uncertainty regarding Opec+'s planned increase in production. 'Although this decision was anticipated, its impact has been significant, exacerbated by a stronger dollar and rising US inventories,' Di Giacomo said. Vijay Valecha, chief investment officer at Century Financial, highlighted that hedge funds have become less optimistic about oil's prospects, trimming their bullish bets. Valecha also pointed to concerns over potential US tariffs and geopolitical tensions, particularly related to the war in Ukraine, which could further disrupt market dynamics. As the global energy market continues to adjust, investors and industry stakeholders will closely monitor Opec+'s actions and key economic indicators to gauge the future direction of crude oil prices. News Source: Khaleej Times
Khaleej Times
27-02-2025
- Business
- Khaleej Times
Petrol prices in UAE: Will fuel rates drop in March?
Petrol prices are expected to drop in March 2025 as global oil prices traded on the lower side in February. Global oil prices fell earlier this month after the oil-producing group Organisation of the Petroleum Exporting Countries and its allies (Opec+) confirmed their plan to gradually increase oil production starting April 1, 2025. Brent averaged around $75 a barrel in February compared to $77.55 in the previous month. In the UAE, Super 98 has been priced at Dh2.74 per litre, Special 95 at Dh2.63 and E-Plus at Dh2.55. Additionally, the energy market faces further pressure due to US crude oil inventories fluctuations. Recent data indicated increased reserves, reinforcing the perception of a potential short-term oversupply. This situation has led traders to reduce their long positions in the futures market, contributing to the acceleration of WTI's price decline. In this volatile environment, investors will remain attentive to Opec+'s upcoming moves and global economic indicators that may influence energy demand. The evolution of crude oil prices in the coming sessions will largely depend on the market's perception of the balance between supply and demand. Analysts also point out that macroeconomic factors, such as the US Federal Reserve's monetary policy and interest rate expectations, have influenced the decline in oil prices. A stronger dollar makes oil more expensive for international buyers, which tends to reduce demand and negatively affect prices. Antonio Di Giacomo, senior market analyst at said the crude price drop reflected investor uncertainty and concern over the imminent increase in Opec+ production. 'Although this decision had already been anticipated, its impact on the market has been significant, exacerbated by factors such as the dollar's strength and rising US inventories,' he said. Vijay Valecha, chief investment officer of Century Financial, said hedge funds are turning less optimistic on crude oil's prospects, trimming net-bullish bets in a further sign of market softening. 'Oil has sold off in recent weeks amid a host of drivers, with traders concerned that US tariffs and talks on the war in Ukraine could impact market dynamics. In addition, Iraqi exports from its semi-autonomous Kurdistan region may resume, although Opec+ may defer planned output hikes,' added Valecha.
